Vice President Joe Biden on November 5 convened a group of experts, including EPI’s president, Lawrence Mishel, to advise the White House task force he heads on the struggles of middle class families.
Mishel blamed the current situation that has left so many middle class families squeezed on decades of faulty assumptions. Lowering business costs, ostensibly to help consumers, has eroded workers’ ability to earn a decent living and drive consumption rather than rely on debt and asset bubbles. Mishel advocated new policy priorities focused on rebuilding the nation’s supply of good jobs and reestablishing wage growth that reflects productivity growth.
“As the President has said, we must develop a new foundation for growth,” Mishel said. “This means enhancing productivity growth and transitioning to a low carbon economy. It also means a relentless focus on generating quality jobs and building an economy where the entire workforce benefits from rising productivity.”